Simon Property Group yesterday stepped up its pursuit of bankrupt mall operator General Growth, suggesting the company’s rejection was a tactic to stall a deal until after it emerged from bankruptcy.
“We see no justification for your inability to commit to playing by the same rules when it comes to SPG, especially since we are the only party to date that has come forth with a firm offer to provide your stakeholders with full, fair and immediate value,” the company said in its second letter this week to GGP.
Meanwhile, investor James Young blasted the company and its management for breaching their fiduciary duty by rejecting Simon’s bid earlier this week, saying the firm’s “conduct is substantially unfair to GGP and the company’s public shareholders.”